Year 7 Economics

3. Money left after a business pays its costs.
7. Money a person or business receives from work or sales.
9. People who buy and use goods and services.
13. Individuals or businesses that make goods or provide services.
15. measures the total value of goods and services produced in a country.
16. Describes how well people can meet their needs and wants.
17. Cost is the next best option you give up when you choose.
19. Small parts of a business that people can own and trade.
20. How much people want to buy something at different prices.
21. Things people would like to have but do not need to survive.
23. Essential things people must have to survive, such as food, water, and shelter.
24. Person who buys goods or services.
25. FLOW, Shows how money moves between households, businesses, and government.
29. Value of a good or service in money.
30. When prices increase over time and money buys less.
32. Extra money paid when borrowing money or earned when saving money.
33. When supply and demand are balanced.
34. How much of a product sellers are willing to sell at different prices.
35. Physical items that people can buy and use.
36. Limited resources to satisfy unlimited needs and wants.

1. Physical and mental effort used in production of goods and services.
2. Extra benefit or cost when making one more choice.
4. Resources used to make goods and services.
5. Organisation that produces goods or services to earn income.
6. Something a person or business owns.
8. Actions done to others to satisfy needs or wants.
10. Money spent to make or buy goods and services.
11. Skill of starting and managing a business by taking risks.
12. When people, businesses or countries focus on producing a particular type of good or service they are good at producing.
14. Decision people make because resources are limited and they cannot have everything.
18. The human made tools, machines, and buildings used to make goods and services.
22. Allocation is how resources are shared and distributed to make goods and services.
26. Where buyers and sellers come together to exchange goods and services.
27. RIGHTS, Rules that protect buyers in the marketplace.
28. Income a business earns from sales.
31. Natural resources like soil, water, and minerals used in production.
32. People and countries rely on each other for goods and services.